Senate Bill No. 501 is a comprehensive piece of legislation that addresses a wide range of issues related to taxation, vehicle registration, property taxation for vehicles, banking, water authority governance, and environmental considerations. The bill includes changes to the depreciation schedule for motor vehicles, redefines various banking terms, and introduces the concept of an "Innovation bank." It also amends the process for selecting architectural and construction management services for school projects, and outlines the establishment and governance of the Aquarion Water Authority and the South Central Connecticut Regional Water Authority.

The bill makes significant changes to the taxation and assessment of motor vehicles, including increasing the percentage of the manufacturer's suggested retail price (MSRP) that vehicles are assessed at for property tax purposes. It also provides guidelines for the valuation of leased personal property and the determination of value for personal property that cannot be sold. The bill redefines terms related to banking, such as "designee of an assessor," and introduces the definition of an "Innovation bank," which is characterized as a Connecticut bank that does not accept retail deposits but may accept nonretail deposits eligible for insurance from the FDIC or its successor agency. Furthermore, the bill addresses the organization and approval of different types of banks, including interim Connecticut banks and community banks, and sets forth the application process, conditions for approval, and powers and requirements for each type of bank.

In terms of water authority governance, the bill updates the legislative framework governing the South Central Connecticut Regional Water Authority and the Aquarion Water Authority, defining their powers, the process for public hearings, and the conditions under which they may sell, transfer, or develop real property related to water supply functions. It also outlines the financial management of the authority, including the issuance and security of bonds, and provides for judicial review of decisions made by the Aquarion representative policy board. Lastly, the bill includes provisions for the State Historic Preservation Officer to follow when an activity may impact historic structures and landmarks, requiring collaboration to propose alternatives or mitigation plans to avoid or lessen such impacts. The bill was approved on July 1, 2024.

Statutes affected:
New Bill: 12-71e, 10-287
Public Act No. 24-1: 12-71e, 10-287